Bank of Melbourne Standard Variable Rate Home Loan

A simple home loan with a range of features

The Bank of Melbourne (BoM) Standard Variable Rate Home Loan offers the ability to customise your loan to suit you and your financial goals.

Interest Rate Max Insured LVR Max LVR
LVR above 60% up to 80% New customers (Investors, IO)
5.36% p.a.
Comparison Rate
5.53% p.a.
80% 60%
LVR above 60% up to 80% New customers (Investors, P&I)
5.07% p.a.
Comparison Rate
5.24% p.a.
80% 60%
LVR above 60% up to 80% New customers (Owner Occupiers, IO)
5.08% p.a.
Comparison Rate
5.25% p.a.
80% 60%
LVR above 60% up to 80% New customers (Owner Occupiers, P&I)
4.49% p.a.
Comparison Rate
4.66% p.a.
80% 60%
LVR above 80% New customers (Investors, IO)
5.41% p.a.
Comparison Rate
5.58% p.a.
90% 80%
LVR above 80% New customers (Investors, P&I)
5.12% p.a.
Comparison Rate
5.29% p.a.
90% 80%
LVR above 80% New customers (Owner Occupiers, IO)
5.13% p.a.
Comparison Rate
5.30% p.a.
95% 80%
LVR above 80% New customers (Owner Occupiers, P&I)
4.54% p.a.
Comparison Rate
4.71% p.a.
95% 80%
LVR up to 60% New customers (Investors, IO)
5.31% p.a.
Comparison Rate
5.48% p.a.
60% 60%
LVR up to 60% New customers (Investors, P&I)
5.02% p.a.
Comparison Rate
5.19% p.a.
60% 60%
LVR up to 60% New customers (Owner Occupiers, IO)
5.03% p.a.
Comparison Rate
5.20% p.a.
60% 60%
LVR up to 60% New customers (Owner Occupiers, P&I)
4.44% p.a.
Comparison Rate
4.61% p.a.
60% 60%
Product NameBank of Melbourne Standard Variable Rate Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$10,000
Maximum Loan Amount$10,000,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountYes
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableNo
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$600
Ongoing Fees$10 monthly ($120 p.a.)
Settlement Fee$100
Discharge Fee$350


  • Make extra payments at any time with no penalty.
  • Withdraw excess cash via the redraw facility.


  • There is a $600 application fee plus a $100 settlement fee.
  • There is a $10 monthly service fee.
  • A $350 discharge fee applies when you pay off your home loan.

Things to consider about the BoM Variable Rate loan

This loan is suitable for the following:

  • Purchasing a family home
  • Purchasing an investment property
  • Purchasing vacant land
  • Refinancing an existing home loan with another lender

Features and benefits of this loan

The Bank of Melbourne Standard Variable Rate Home Loan is a full-featured, flexible home loan.

  • Loan term. The standard variable rate loan can be taken out for a loan term of up to 30 years and can be used for a variety of purposes.
  • Repayment flexibility. Customers can choose between setting their repayments to cover Principal and Interest payments, or opt for an interest-only payment. Repayments can be made weekly, fortnightly or monthly, though interest-only payments must be made monthly. Variable rate customers can make additional repayments at any time without penalty.
  • Lump sum repayments. If you receive an extra amount of cash, such as a tax return or bonus, you can deposit this amount directly into your mortgage. The amount will be paid directly off the principal balance owing.
  • Direct transfer. If you have Internet banking set up, you are able to transfer cash from your transaction account into your mortgage account at any time. You are also able to transfer funds from transaction accounts held with other banks if you wish.
  • Redraw facility. Any extra repayments made off the home loan can be redrawn if an emergency arises. The Redraw Request form can be filled in from the secure Online Banking site. Fees are listed below.
  • 100% offset account. Customers that have a standard variable rate home loan with the Bank of Melbourne can take advantage of the Mortgage Equaliser account. This gives them a 100% offset facility that reduces the amount of interest paid by offsetting interest calculated on the loan by the amount in the account.
  • Switching from variable to fixed interest rate. Bank of Melbourne customers can switch from a standard variable rate home loan to a fixed rate home loan. Once the fixed rate term expires, the mortgage will automatically revert to the standard variable rate. However, the customer may choose to contact the Bank of Melbourne to re-fix a variable loan once this has happened.
  • Variable rate discounts. The Bank of Melbourne offers an Advantage Package, which allows customers to package their home loan with other banking products, offering savings on fees and discounted interest rates.

What fees and charges come with this loan?

  • Redraw fees. $0 online or over the phone, $25 at a branch.
  • Establishment fee. This home loan carries an establishment fee of $600
  • Monthly fee. This loan comes with a monthly admin fee of $10.

Find out what your repayments will be in a few seconds

How to apply for this loan

If you'd like to apply for this loan, please click on 'go to site' to be safely redirected to the application page. The whole process will take about 10-15 minutes, with an instant response with estimated repayment amounts based on your requested loan amount. BoM will then contact you to guide you through the next step of your home loan application.


  • You need to be 18 years old or older
  • You intend to buy a property in Australia or want to refinance an existing loan from another institution in Australia
  • You're employed from an Australian employer and earning a regular income
  • You have a good credit history (this excludes bankruptcy, insolvency or missed payments)


  • Your contact details
  • Information about any outstanding loans you may have
  • Details of the property that you want to buy or refinance

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Bank of Melbourne Standard Variable Rate Home Loan

  • Interest Rate


  • Comparison Rate


  • App Fee / Annual Service Fee

    $600 / $10

  • Max LVR


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